Custody Concentration Risk in Post-ETF Bitcoin Market

The increasing adoption of spot Bitcoin ETFs by large institutions has led to a significant shift in the Post-ETF Bitcoin Market. With the entry of financial behemoths like BlackRock, Bitcoin is no longer just an asset class traded on cryptocurrency exchanges but also part of retirement portfolios, pension funds, and balance sheets.

This new landscape raises concerns about the custody of institutional Bitcoin. Who is holding all this Bitcoin? And what happens if the custodian gets into trouble?